Trading Statement

Despite improving conditions in the container leasing market, a much stronger financial performance and a return to positive headline earnings per share, Trencor will still be reporting losses for the year ended 31 December 2017 as Trencor is required under IFRS to further impair the container fleets owned by Textainer and TAC. No such impairments were required by those companies reporting under US GAAP. These non-cash impairments are the result of future cash flows associated with the container fleets being discounted at a higher weighted average cost of capital than the rate used at 31 December 2016.

Shareholders are advised that Trencor’s headline earnings per share and loss per share for the year ended 31 December 2017 are expected to be within the ranges set out below:

2017 Expected

2016 Actual

% change

cps

cps

Headline earnings/(loss) per share

123 - 130

100 - 130

(435)

Loss per share

86 - 78

(138) - (216)

(984)

The financial information on which this trading statement is based has not been reviewed nor reported on by Trencor’s independent auditors.